This Agreement made on this 10th day of June, 20__25__,
Between
R.K.G.P. Trust, through its Managing Trustee Sri Om Prakash Gupta, aged 65 years, son of Late Harish Chandra Gupta, resident of 12/21, Tagore Town, Allahabad, hereinafter referred to as the First Party (which term shall include his successors, assigns, legal heirs, and representatives),
And
Sri Alok Verma, aged 45 years, son of Late Ramesh Verma, and Sri Rajan Mehta, son of Sri Mahesh Mehta, aged 43, both residents of 58A, Leader Road, Allahabad, hereinafter referred to as the Second Party (which term shall include their heirs, successors, and legal representatives).
RECITALS
- Ownership of Property
R.K.G.P. Trust is the rightful owner of Premises No. 17/9, MG Road, Allahabad, as per registration with the Office of the Sub-Registrar, Allahabad. Sri Om Prakash Gupta is the Managing Trustee and is duly authorized to execute transfer deeds concerning Trust properties for the benefit of the Trust. - Prior Transactions
The First Party had earlier executed a registered sale deed and a registered permanent tenancy deed in favor of the Second Party after obtaining necessary permission from the District Judge, Allahabad, vide order dated 20/05/2018, passed in Misc. Case No. 112/2017 titled O.P. Gupta vs. D. Sharma & Others. - Permanent Tenancy Rights
Under the said arrangement, the Second Party was granted permanent tenancy over a portion on the ground floor of Building No. 17/9, MG Road, measuring 22 feet East–West and 35 feet North–South, duly registered on 10/06/2018, for an annual rent of Rs. 1200/-. - Justification for Sale
The annual rent now being meagre, and the portion no longer serving the interests of the Trust, the First Party has resolved to sell the said portion to the Second Party. The sale consideration shall be Rs. 24,00,000/- (Rupees Twenty-Four Lakhs only), which will be utilized to enhance income-generating parts of the Trust property. - Court Permission for Sale
The First Party applied for permission before the Hon’ble District Judge, Allahabad, in Misc. Case No. 223/2024, O.P. Gupta vs. L. Singh & Another, and vide order dated 15/04/2025, the permission was granted to sell the portion of Building No. 17/9, MG Road, as described in the schedule below and marked in red in the annexed plan. - Readiness to Execute Sale Deed
Following the above order, the First Party notified the Second Party, who has expressed readiness to execute the sale deed. - Previous Agreement and Payments
An earlier registered agreement dated 20/07/2024, was registered with the Sub-Registrar, Sadar, Allahabad, wherein a sum of Rs. 5,00,000/- was paid as earnest money. The balance Rs. 19,00,000/- is due.
NOW THIS AGREEMENT WITNESSETH AS UNDER
- Payment Details
The Second Party has now paid the balance of sale consideration to the First Party as under:- Rs. 10,00,000/- via A/c Payee Cheque No. 005678 dated 05/06/2025, drawn on Oriental Bank of Commerce, CSP Singh Marg, Allahabad
- Rs. 9,00,000/- in cash
- Permission from District Judge
The First Party shall obtain final permission from the District Judge, Allahabad for executing the sale deed and apply without delay. - Earnest Money & Balance
The Second Party has paid Rs. 5,00,000/- (Rupees Five Lakhs only) via Cheque No. 003212 dated 20/07/2024 drawn on Oriental Bank of Commerce, CSP Singh Marg, Allahabad, as earnest money.
The remaining Rs. 19,00,000/- (Rupees Nineteen Lakhs only) shall be paid at the time of execution of the sale deed. - Refund and Damages Clause
If permission is not granted or the sale deed is not executed, the First Party shall refund the earnest money and pay an additional amount of Rs. 1,00,000/- (Rupees One Lakh only) as damages. The Second Party may also pursue legal remedies to enforce execution of the deed. - Timeline for Execution
Upon grant of permission, the First Party shall inform the Second Party in writing within one month. The Second Party must then execute the sale deed within one month of such notice. - Default Clause
- If the First Party avoids execution without cause, the Second Party shall be entitled to enforce the agreement through court upon payment of the balance amount.
- If the Second Party fails to act within one month of notice, the earnest money shall stand forfeited and the agreement shall be treated as cancelled.
- Expenses
- All legal and procedural expenses related to permission from the District Judge shall be borne by the First Party.
- All costs of stamp duty, registration, and related charges for execution of the sale deed shall be borne by the Second Party.
- Building Use Restrictions
The Second Party agrees not to damage or remove walls on the southern and northern sides of the said property, as the upper floors are in the possession and ownership of the Trust. - Pipeline and Sewerage
The Second Party agrees to shift the existing pipe and sewer lines of the First Party on the western wall at their own cost. - Delivery of Possession
Possession shall be delivered at the time of execution of the sale deed.
SCHEDULE OF THE PROPERTY
Ground floor portion of House No. 17/9, MG Road, Allahabad
with land underneath measuring 22 feet East–West by 35 feet North–South up to the ceiling height.
BOUNDED AS UNDER:
- North: Passage leading to courtyard
- South: Wall adjoining Trust’s other property
- East: Open space and entry gate
- West: Main structure of Trust’s upper floor
Area: 22 ft × 35 ft = 770 sq. ft. = ~85.55 sq. yards or ~71.54 sq. meters
SIGNATURES
IN WITNESS WHEREOF, the parties have set their hands on this agreement of their free will, in sound mind, and without coercion or fraud, on the date mentioned above.
DATE: 10/06/2025
FIRST PARTY
Sd/- ___________________________
(Sri Om Prakash Gupta, Managing Trustee, R.K.G.P. Trust)
SECOND PARTY
Sd/- ___________________________
(Sri Alok Verma)
Sd/- ___________________________
(Sri Rajan Mehta)
WITNESSES:
- Mr. Sanjay Tripathi, 91/2 Georgetown, Allahabad
- Mrs. Preeti Sharma, 22/4 Tashkent Marg, Allahabad
DRAFTED BY: A.K. Legal Associates
TYPED BY: S.K. Typing Centre, Elgin Road